Question # 1

Outstanding expense given in adjustment is called

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An asset

A gain

An expense

A liability

A cash account always shows

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Debit balance

Credit balance

Both debit and credit balance

Nil balance

A credit sale was wrongly passed through purchases book, the rectification of the entry will:

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Increase the net profit by, double amount

Decrease the net profit

Decrease the net profit by double amount

Have no effect on the net profit

A document given by the seller to the buyer for credit sale of goods or assets is called

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Cash memo

Invoice

Voucher

None of these

It is prepared to determine the net profit or net loss

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Trading account

Profit or loss account

Cash book

Balance sheet

The inflow of assets in return for services performed or products delivered during a period is

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Asset

Revenue

Non current asset

None of these

An expenditure which is incurred again and again is a:

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Capital expenditure

Future expenditure

Deferred expenditure

Revenue expenditure

In the preparation of the worksheet the amounts on the trail balance columns are taken directly from

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Journal

Ledger

Trail balance

Transaction

If a transaction has been completely omitted from the Journal it will be considered

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Error of commission

Error of principle

Error of omission

None of these

The margin that is available to cover the other expenses for a period and to yield net income is known as

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Net profit

Gross profit

Net sales

Cost of goods sold

Cash account is a:

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Personal account

Real account

Nominal account

Both real and personal account

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

On the addimissionof a new partner the increase int he value of assets is debited

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Revaluation account

Assets account

Old partners capital account

New partners capital account

The value of an asset at the end of the working life is called.

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Book value

Scrape value

Market value

None of these

the term depreciationis used with reference to.

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Tangible assets

Intangible asets

Current assets

Fixed assets

The company formed by teh means of Royal Charter is called.

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Public limited company

Private limited company

Charterd company

Registered company

Arithmetical accuracy of the books of accounts cannot be checked under.

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Single Entry system

Double entery system

None entery system

Both a and b

Generatal reserve at the time of dissolution is transferred to

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All partners capital accounts

Realization account

Solvent partners capital account

Insolvent patner's capital account

The amount of good will broght in cash by nw partner will be credited to old partner in.

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Gaining Ratio

New Ratio

Old Ratio

Sacrifice Ratio

Profit and loss on revalution at the time of retirement must be transerred to the partners in.

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Capital ratio

Old prifit sharing ratio

New profit sharing ratio

Gaining ratio

Investment in partnership is made byintroducing.

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Cash

Non cash assets

Cash or non cash assets

None of these

If any partner takes over any asset at the time of dissolution then it should be debited to.

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Partner's capital accounts

Realization account

Cash account

None of these

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